The authority said it is yet to receive a response from Facebook regarding its cryptocurrency plan. The information is purported to help the watchdog define its oversight role over Facebook Libra.
There were fears that the widespread adoption of Facebook cryptocurrency by its 2.38 billion users could disrupt the financial system and facilitate money laundering. In this case, the social media company faced a lot of scrutiny by politicians, regulators, and central bankers around the world.
Earlier this month, David Marcus, who oversees Facebook’s currency project, however, noted that he expected the Swiss Federal Data Protection and Information Commissioner (FDPIC) to be Libra’s privacy regulator since the so-called non-profit Libra Association responsible for Libra oversight is based in Geneva.
The FDPIC noted in a statement that it sent a letter to the association on July 17 because it had not yet heard from the group about the project.
The Swiss data privacy authority was expecting the Libra association to conduct an impact assessment of data protection risks associated with the cryptocurrency, evaluate and propose measures to minimize the risks involved.
The watchdog said:
The FDPIC stated in its letter that as it had not received any indication on what personal data may be processed, the Libra Association should inform it of the current status of the project so that the FDPIC could assess the extent to which its advisory competences and supervisory powers would apply.
Marcus told the U.S. Senate that, Libra association held talks with the Swiss Financial Markets Supervisory Authority on “an appropriate regulatory framework.”
As Coinfomania recently reported, David Marcus noted five interesting facts regarding Libra, during his testimonial hearing with the U.S Congress, one of which states that Libra is America’s chance to lead the crypto innovation.